10 Key Steps to Buying a Home

Step 1 – Mortgage Pre-Approval
Before you start looking for a home it is important to be pre-approved for a mortgage. This process is easy and it will let you know what you have to work with in terms of price. A pre-approved mortgage will lock in the interest rate for a few months. If interest rates go down you will get the lower rate.

Step 2 – Decide on Property Type
Once you have your mortgage pre-approval it is time to start thinking about what you want to buy in terms of a home. I will help you explore the pros and cons of buying a freehold house versus a condominium unit.

Step 3 – Choose a Geographical Area
Toronto is a large sprawling city and it can feel overwhelming when you  are trying to make a decision on where to buy a home. I will help you to explore your options in terms of choosing a geographical area.

Step 4 – Get your Deposit Ready
When you buy a property you need to put down a deposit by certified check within 24 hours after your offer is accepted by the sellers. The deposit is a substantial sum of money (normally 5% of the purchase price) that will be protected in a commission trust account until a firm deal is negotiated. Normally you will receive interest on your deposit while it sits in this account. The deposit goes toward the purchase of the home and will be returned to you if conditions in the offer are not met.

Step 5 – Find a Real Estate Lawyer
It is important to connect with a real estate lawyer who is going to close your deal. Real estate deals are straight forward and there are many good lawyers out there.

Step 6 – Start House Hunting
Actually going out to look at properties is the most enjoyable part of the process. You will be able to search with confidence because you have done your homework in terms of knowing your price range and desired location. Also you will have chosen a lawyer and have your deposit ready.

Step 7 – Putting in an Offer
Once you have found a property you really want it is time to act fast and put in an conditional offer. A conditional offer will, for example, allow you to pull out of the deal if the house does not pass inspection or if your lender decides to give you a mortgage to buy the house. I will ensure your offer protects you against financial loss.

Step 8 – Meeting Conditions
If your offer is accepted it is almost time to celebrate. You will have a busy few days to make sure your mortgage is approved fully and the house is inspected. If you are buying a condo we will have to have the Status Certificate checked by your lawyer. All this work generally has to be done in three to five days. I will help you to facilitate this process.

Step 9 – Closing
Closing day is the day you actually get to occupy new home. It can take a up to a few months to close the deal. Your lawyer will do all the work for you to make sure the Title of the property is free and clear of any problems. Your lawyer will deal with disbursements and transferring funds.

Step 10 – Moving In
Move in day has finally arrived and you can celebrate! Once you take possession of the house you should check to make sure the house was left in broom swept condition and everything is in good working condition. The majority of deals go very smoothly as long as you work closely with a realtor who will protect your interests as a buyer.